During an Extraordinary General Meeting of shareholders held on the 18th June in Oslo, authorization was given to issue 400 million shares @ NOK 1.00 for each share to raise a total of NOK 400 million (around USD $66 million).
200 million shares each were subscribed for by AS Ferncliff and Spencer Energy AS, both of Norway, and 200 million shares are available for subscription to existing shareholders. AS Ferncliff and Spencer Energy AS are guaranteed underwriters should existing shareholders chose not to subscribe.
As part of the Direct Share Issue, AS Ferncliff and Spencer Energy AS will each add a representative to the Global Geo Services Board of Directors. Oystein Stray Spetalen will join from AS Ferncliffe, and Gunnar Hvammen will join from Spencer Energy AS.
Global Geo Services amalgamated with Spectrum in December 2005 to form the GGS-Spectrum group. The 400 million-share issue will provide GGS-Spectrum with the financial strength to pursue its strategy of worldwide growth focussing on high-quality data processing and strategic multi-client surveys.
Eddie Berglund, CEO of the GGS-Spectrum group, commented:
"The authorization from our shareholders demonstrates their long-term support for the company, and we look forward to growing the GGS-Spectrum group of companies utilizing the financial and business strength that now exists in the new board of directors with the addition of the AS Ferncliffe and Spencer Energy AS representatives.
"With significant global demand existing for our seismic processing and multi-client data, and this substantial investment we are now well positioned to expand the GGS-Spectrum expertise around the world."
Existing shareholders have until 15th July 2007 to vote by proxy to subscribe for additional shares.
With key offices in the UK, USA, Norway and Egypt, GGS-Spectrum provides seismic data processing and multi-client seismic data services to the global energy and resources industry. With offices in the major geophysical exploration markets and data processing experience from around the world, GGS-Spectrum is renowned for its ability to deliver high-quality solutions for its clients. GGS-Spectrum is the result of the 2005 amalgamation of UK-based Spectrum EIT and the provider of the world's largest 2D multi-client seismic survey - Norway's Global Geo Services ASA.
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